U.S. consumer sentiment rose more than expected in August on the back of the sharp drop in gasoline prices, but remains near a record low as consumers shouldered multi-decade-high inflation and continuing economic uncertainty. The University of Michigan's monthly consumer sentiment index increased from ... READ MORE >
economic indicators
Canada’s GDP steady as spending on services remained strong in May
Canada’s May GDP remained unchanged from April, as increases in service spending (0.4%) offset decreases in goods-producing industries (1%), according to data released by Statistics Canada on Friday. On a year-over-year basis, GDP grew by 5.6%, exceeding expectations. This makes Canada an interesting ... READ MORE >
Jobless claims in July continue rising layoffs trend
New filings for jobless benefits continued to beat market estimates to the upside, falling 1.9% to 256,000 for the week ending July 23. Given that the labor market is the main force keeping the economy from descending toward an economic trough, the initial jobless claims data released Thursday add ... READ MORE >
Initial jobless claims fall below pre-pandemic level while housing starts improve
Economic data released Thursday showed improvement in both weekly U.S. jobless claims for the week ending March 12 and housing starts in February. The number of building permits remained elevated, despite a small decrease on the month. New filings for jobless claims, a proxy for job layoffs, fell below ... READ MORE >
Canada retail sales climbed in August as in-person activities picked up
Canada retail sales rose by 2.1% to CA$57.2 billion in August due to increases in both prices and volume of goods sold, according to data released by Statistics Canada on Friday, a promising sign for the country's economic recovery. This increase was observed across all provinces in the first full month ... READ MORE >
Existing home sales rebounded in September to highest level since February
Sales of existing homes bounced back in September, with 6.29 million units sold, the highest level since February, and up 7% compared to the prior month, according to a report released on Thursday from the National Association of Realtors. The sales number was an upside surprise to earlier estimates of ... READ MORE >
RSM recovery watch: Upgraded growth forecast and more evidence of a turn in the business cycle
There are signs that the business cycle has made a turn, bottoming out of a deep recession and moving into its next phase of sustained economic growth. As such, we have recently upgraded our forecast for 2021 real GDP growth to 7.5% (7.2% previously) on a year-over-year basis, a decline in the ... READ MORE >